An aging America is now impacting the workplace placing stress on employers and employees alike. Three-quarters of US workers surveyed by Harvard Business School are providing caregiving services, often to an older parent, relative or spouse. When a family lacks an advance plan for the financial costs and burdens of aging the responsibility of being a caregiver will go to an adult son or daughter (or in-law) at least on a part-time basis. Paid care is expensive and can drain an estate quickly. The adult children will have the responsibility of managing the care situation, finding professional caregivers and facilities, selecting which assets to sell off and provide care themselves. These responsibilities compete with careers. 80% say their caregiving affects their performance on the job, not to mention the impact on the caregiver’s family.
The AARP says “42% of caregiving “provides support to at least one of their parents, 15% for a friend, neighbor, or another non-relative, 14% for a child with special needs, 12% for a spouse or partner, 7% for a parent-in-law, and 7% or a grandparent or grandparents-in-law.” As America continues to age the need for long-term care services grow. People require long-term care services due to illness, accidents or the impact of longevity. The number of people suffering from cognitive impairment is also growing and those people require supervision and care as well.
How will your family react to your future need for long-term care services? What challenges will they face either being a caregiver or managing your care? Planning for the financial costs and burdens of aging should be a key part of retirement planning. Consider these facts:
• 7 in 10 people who reach the age of 65 will need some type of long-term care service in their lifetime. The risk of needing help with activities of daily living or supervision due to memory loss will require you to use your own income or savings to pay for the care or will require your family members to be caregivers … or both.
• For couples, the risk is very high. 91% of couples will have one person who will require long-term care services and supports.
• Many people can receive care in their own home if they have sufficient resources to pay for the appropriate care.
• Women still outlive men. This means that generally, they will need care services after the husband has already passed away. Women also thrive longer in a care environment.
Long-Term Care Insurance will pay for your choice of care services in the setting you and your family desire. Most Long-Term Care Insurance claims start with care at home - https://www.ltcnews.com/articles/long-term-care-insurance-delivers-care-at-home. While these plans can also pay for adult care centers, assisted living facilities, memory care facilities, and nursing homes, you and your family have the choice of care services once you qualify for benefits.
In 2018 over $10.3 Billion was paid to American families for care services from Long-Term Care Insurance policies. These affordable plans help protect assets but they have a positive impact on your family by giving them the time to be family.
Often people read that Long-Term Care Insurance is expensive. If you purchase policies when you are much older they can be expensive. However, the best time to purchase a policy is prior to retirement. Many people find they have obtained appropriate coverage for under $150 a month. For some people even under $100 a month. A qualified Long-Term Care Insurance specialist can help find an affordable plan by matching your needs, budget, and health with the best available company. Long-Term Care Insurance is custom designed. It is also priced based on your age at application, your health your gender and the amount of benefits you wish to obtain. You have control.
You will either be a caregiver or a person needing care. Plan for the challenges that getting older will place on you, your family, your savings and your lifestyle. Start your online research well before your retirement. Begin your online research by discovering the current cost of long-term care services and the availability of tax incentives and partnership plans which provide additional asset protection.. Find your state on the LTC NEWS MAP by clicking here.
LTC NEWS can assist you in finding a qualified LTC specialist – just click here. Remember, most general insurance agents and financial advisors have little or no experience in long-term care. A Long-Term Care Insurance specialist will save you money and give you and your family peace-of-mind knowing you have the right options on your policy.
Make getting older easier on those you love. Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection.